Originally Posted By John Dessauer On September 11, 2016
Entrepreneurs face many tough challenges throughout their business career, but some are harder to overcome than others. The following five challenges are some of the most important.
- Overcoming Fear And Inertia
Fear can stop an entrepreneur wannabe in their tracks. Fear of failure, losing money, or even ridicule keeps these fearful people stuck in a dead end job, too afraid to pursue their entrepreneurial dreams. Making endless excuses why you can’t start your business, talking about becoming an entrepreneur but never making a move to begin, and waiting years for the ‘perfect time’ for startup, do nothing but hold you back. Realize that fear is the real motivation behind these excuses and it prevents and you from becoming an entrepreneur. Recognizing this fact is the first step to overcoming the inertia that fear can cause.
If you use such excuses, it’s fairly certain you are being derailed by fears and a lack of self-confidence. Your fear needs to be eliminated before you can begin the journey to build a profitable career, instead of just dreaming and talking about it.
Taking business classes doing research on your line of desired business can teach you and give you self-confidence.
- Lack Of Funding
Not enough working capital can cripple an entrepreneur just starting their business and prevent future growth for an established one. Tough requirements for a small business loan make a bank loan impossible for some entrepreneurs. It helps to be creative in this area and to be able to think outside of the box. Stories abound of entrepreneurs starting a business from money netted from the sale of a house or other expensive items. Money borrowed from friends and relatives can be another source of startup capital.
- Making Work-Life Balance Work
Working long hours and not having enough time to spend with your spouse or growing family can be tough for a parent. Not having enough personal time to relax or pursue hobbies or enjoy a social life is another problem. Streamlining repetitive tasks and better overall organization can help with this dilemma.
- Lack Of Stability
Leaving a stable job and paycheck can make a lot of entrepreneurs and their dependent feel financially unsafe, especially if their business is new and money fluctuates wildly. Also, the business may not be profitable right away. One way to counteract this problem is to save your cash when times are good, and money is flowing. Then when times are lean, you will have a cushion to help with costs.
- High Costs Of Operation
Sometimes entrepreneurs face the enormous challenge of providing a quality product or service while still making a decent profit. The high cost of overhead and materials can drive up the cost, and an entrepreneur must find a way to provide a competitive price without sacrificing quality. Staying on top of the market and continuously researching alternate ways to cut costs can help. Expanding your sourcing to less densely populated areas can also lower costs in some circumstances.
“Remember, wealth has nothing to do with money, success has everything to do with failure, and life is as simple as you make it.” – John Dessauer